Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of pump maker Sauer-Danfoss (NYSE: SHS) and several of its peers are rallying today on news that a General Electric (NYSE: GE) subsidiary has been selected to help BP's (NYSE: BP) Iraq division re-inject water into the oil-producing Rumaila field using pumps, turbines, and related equipment.

So what: Regional outlet Meed reported the news this morning, which appears to have ignited not just shares of Sauer-Danfoss but also Flowserve (NYSE: FLS) and Europe's KSB. All three manufacture pumps and hydraulic equipment.

Now what: Early trading had Sauer-Danfoss up more than 10%, but the stock has since settled, up about 6% as of this writing. Yet, even with the rally, investors are paying just 0.76 times sales and five times trailing earnings to own a slice of the business. Those numbers are only fair if you think analysts are wrong and Sauer-Danfoss won't grow earnings 14% annually over the next five years. What's your take? Would you buy shares of Sauer-Danfoss at current prices? Please weigh in using the comments box below.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Google+ or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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